Chicago SFH Turn Key For Sale - 15.01% Cap - $17,784.00 Gross Income

[Mark Ainley]

Hello all,

The subject property located at 11924 S Lowe in Chicago is being listed for $74,900.00 which based on the numbers below comes out to a 15.01% cap.  

The property just went thru the turnover and was leased to a new CHA tenant(Section 8) for a monthly gross rent of $1,482.00 and that tenant will move in 8-1-14 and sign a lease thru August 2015.  CHA tenants tend to stay for multiple years but my vacancy rate below still reflects 8%.  The property was fully rehabbed in 2009.

I have a full spec sheet prepared with pictures so please email me at [email protected] or simply PM me with your contact info.  

Current Property Manager is willing to stay on as property managers and offering 6 months of free management fees or the 6 months can be paid in advance at closing to management company of choice. 

Our motivation for selling is we simply we have a partner in this one property that needs to get his money out and his expectations to be bought out by us as the remaining partner isn't realistic so we are letting the market determine the sale price and all parties will walk away from ownership.  

I plan to leave this property off the market(ONLY ON BP) until 8-1-14 of which I will then post it on MLS. If you work with an real estate broker we are more than willing to cooperate with a buyers broker and pay out a commission at closing.

Rental Income	$ 17,784.00
Vacancy(8%)	$ 1,422.72
Gross Income	$ 16,361.28
Taxes(2013)	$ 1,193.54
Management Fees	$ 1,200.00
Maintenance	$ 1,200.00
Water	$ 518.33
Pest Control	$ 45.00
Accounting	$ 200.00
Legal	$ 200.00
Bank Fees	$ 64.00
Misc	$ 500.00
Total Expenses	$ 5,120.87
Annual Net Income	$ 11,240.41
Cap Rate	15.01%